Marketing module 3

Information about Marketing module 3

Published on August 11, 2014

Author: nikhathasrar

Source: authorstream.com

Content

PowerPoint Presentation: Module 3 Tourism Market Segmentation and Product Planning PowerPoint Presentation: Market Segmentation: This concept was developed by Smith Back in the yea 1950’s What is market for a product? Consumer of a product vary in needs , motivations, characteristics and buying behavior . eg shampoo Homogeneou - heterogeneous M.S is the marketing concept which involves in the process of sub dividing the total market into smaller sub units comprising of people with similar wants, needs, buying behaviour etc PowerPoint Presentation: Market is segmented based on consumers not on the basis of product Eg : Titan watches: Lower Middle upper class Various other segments: For gold lovers For youth For kids For designer segment For children PowerPoint Presentation: Why segment the market: (need and importance) Facilitates right choice of target market – understand the customers Facilitates effective tapping of the chosen market Makes the marketing effort more efficient and economic Helps identify satisfied segment and concentrate on them Gain new clients: M arket segmentation analysis includes reasons why consumers are not buying your products. By understanding why the various market segments do not buy your products, you can alter your marketing or change your product development to try to gain new customers. PowerPoint Presentation: Market can be segmented using several basis: Geographic bases Demographic bases Socio- Cultural bases Psychographic bases Buying behaviors PowerPoint Presentation: 1) Geographic Segmentation: Segmentation of consumers on the bases of continent, country, city, regional, rural, urban, climatic conditions, coastal/inland Eg : Nescafe Mc Donalds Fairness cream – fair n lovely Marketers who operate globally , often segment the market based on continent, country region in the first instance national marketers- city, regional, rural urban etc PowerPoint Presentation: 2) Demographic segmentation: Based on the variables such as race, religion community, language, age, stage in life cycle, gender, marital status, family size, economic position, occupation, purchasing capacity i.e income level and social status Age: Eg : Amul products: For kids : amul cool, chocolate milk, nutramul energy drink For youth : amul cool café For women’s n olde people: Amul calci +, Amul shakti energy drink Gender: Industries like cosmetics, jewellery , foot wear etc: Eg: Emami products: Fair n lovely for women Fair n hand some for men PowerPoint Presentation: Marital status: Travel agencies would not have similar packages for bachelors and married couple Occupation: Office goers would have different need compared to school/ college students PowerPoint Presentation: 3)Socio- Cultural factors: Social class: lower , middle n upper class Eg : firms dealing in clothing, home furnishing, automobiles can design products for specific social class Infuence of reference group: family, religious group, close friends, neighbours etc Cultural Influence: Urban – western culture Rural – more or less traditional culture Eg : muslims PowerPoint Presentation: 4) Psychographic segmentation: (Psychology and demographics) According to life style and buying pshycology – your attitude beliefs n emotions Eg : Axe deodrant was launched solely on the basis of pshychographic profiling of young people Lifestyle :high valued flats, branded car, Café coffee day PowerPoint Presentation: 5) Behavioral segmentation (In all FMCG goods buying behavior is used) B.S refers to why people purchase a product or service . Three basic factors: i ) Benefit – buyers can be segmented according to the benefits they seek. eg shampoo for hair conditioning ii) Occasion – According to the occasions when they develop a need to purchase or use the products. Eg : archies , hallmark iii) Usage: Usage rate : markets can be segmented Heavy user, moderate user and light user of a product Eg : beer drinkers PowerPoint Presentation: User status: eg:Silk sarees Regular Potential First time user Irregular Occasional Loyalty to brand: buyers can be divided into 4 groups. Hard core loyal: always one brand Split loyal : loyal to 2 or 3 brands Shifting :shift loyalty from one brand to another Switches :no loyalty eg soap, perfume , cream etc PowerPoint Presentation: Effective market segmentation Homogeneous   This is the basis of market segmentation - that the consumers in each segment are similar in terms of needs and/or characteristics   Substantial (size) The market segment should be large enough, in terms of sales and profitability, to warrant the firm’s possible attention. Each firm will have minimum requirements for the financial return from their investment in a market, so it is necessary to only consider segments that are substantial enough to be of interest. Eg : FMCG – large crowd Branded costly Car market – small size – wealthy customers     PowerPoint Presentation: Measurable Measure the size, purchasing power like status, economy etc. Eg:the segment of market for a car are determined by various considerations such as economy, status, quality etc.   Accessible The market segment should be reachable, particularly in terms of distribution and communication Each segment needs to be able to be reached and communicated with on an efficient basis   Actionable/practical Effective programs can be formulated for attracting and serving the segments. The firm needs to be able to implement a distinctive marketing mix for each market segment PowerPoint Presentation: Decision process of Market Segmentation: Analyze the needs of the customers Analyze the characteristics of consumers Elect thehigher potential customers Disaggregate the consumers into suitable segments Formulate different market mix for different segments Feedback of various segments (concept research)- eg mobile phones

Related presentations